DATA SECURITY BANKING TECHNOLOGY
Will the Future of Banking in the Middle East be ‘Digital-Only’? Sriranga Neelathali Sampathkumar VP & General Manager - MEA, Infosys Ltd. discusses the rise of digital-only, financial institutions in the Middle East which has a large tech-savvy population driving digital demand
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ver the last several months, COVID-19 has undoubtedly emerged as the biggest disrupter, forcing customers (and banks) to embrace digital banking channels. However, the popularity of digital banking had been growing steadily even prior to the pandemic, driven by factors such as growing smartphone penetration and a tech-savvy population. Take the case of Liv., the digital-only lifestyle bank from Emirates NBD. Even
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prior to the pandemic, it emerged as the fastest growing bank in the UAE by customer acquisition - attracting more than 370,000 customers at 20% of the acquisition costs of a traditional institution. Remarkably, more than 80% of its new customers came via referrals. But what the pandemic has done is that it has rapidly accelerated the pace of this transformation, exposing the gap between progressive banks offering fullfledged digital services and the digital
Banking and Finance news in the MEA market
Sriranga Neelathali Sampathkumar VP & General Manager - MEA, Infosys Ltd
